- RemSense Technologies (REM) sets its sights on a $2.7 million capital raise to fast-track expansion
- The company has completed a $475,000 placement to sophisticated and professional investor clients of Peak Asset Management, issuing more than 6.3 million shares at 7.5 cents
- One option will be issued for each share allotted, exercisable at 15 cents by December 15, 2025
- Following this, the company plans to extend a one-for-3 entitlement offer to existing shareholders under the same terms in the hopes of raising a further $2.28 million to expand the sales of its photographic asset visualisation tool
- RemSense Technologies shares closed 34.62 per cent lower at 8.5 cents at 4.44 pm AEDT on Wednesday afternoon
RemSense Technologies (REM) has set its sights on a $2.7 million capital raising to fast-track its expansion.
The company completed a $475,000 placement to sophisticated and professional investor clients of Peak Asset Management.
REM received firm commitments from Peak for more than 6.3 million shares at 7.5 cents. One option will be issued for each share allotted, exercisable at 15 cents by December 15, 2025.
Alongside the placement, RemSense plans to extend a one-for-3 entitlement offer to existing shareholders under the same terms in the hopes of raising a further $2.28 million.
RemSense said the funds from both the placement and entitlements issue would be used to provide working capital to support greater revenue and volume of work, plus expand the sales and marketing of virtualplant, the company’s photographic asset visualisation tool, both locally and internationally.
Additionally, the company will use the cash the expand its IBM partnership opportunities on a global basis.
RemSense Technologies shares closed 34.62 per cent lower at 8.5 cents at 4.44 pm AEDT on Wednesday afternoon.